BAKU, Azerbaijan, Nov. 13, 2024 (GLOBE NEWSWIRE) -- The Government of the Republic of Nauru unveiled its groundbreaking Nauru Economic and Climate Resilience Citizenship Program at the 2024 United Nations Climate Change Conference (COP 29) in Baku today, directly addressing the key conference themes of climate finance and adaptation. In his address to COP 29 delegates, Hon. Asterio Appi, Nauru's Minister for Climate Change and National Resilience, presented the innovative financing initiative as an opportunity for conscientious investors to acquire an additional citizenship while contributing to climate adaptation and sustainable development projects in the South Pacific.
Minister Appi highlighted the program's broader impact: "Nauru, like many South Pacific nations, plays an outsized role in protecting globally significant biodiversity. Our ecosystems support more rare, endangered, and threatened species than those anywhere else on Earth. Yet we stand on the frontlines of climate change, facing rising sea levels, intensifying storm surges, and accelerating biodiversity loss. The consequences of global warming are rendering Pacific Island states increasingly uninhabitable. By choosing Nauru's citizenship program, investors aren't merely securing their own future - they're investing in the future of our planet.”
The UN has repeatedly stressed that access to finance, and in particular climate finance, is a critical enabler to help Small Island Developing States (SIDS) achieve their Sustainable Development Goals. As it points out, SIDS are disproportionately and increasingly affected by the impacts of climate change and urgently require access to external financial support to build resilience in the social, economic, and natural systems on which they, and the rest of the world, depend. However, the current climate and development finance architecture is exceedingly complex and ill-equipped to operate efficiently, fairly, and at the speed and scale needed to meet SIDS's needs.
Secure global mobility and contribute to a sustainable future
Speaking at the program's launch event in Baku, newly appointed Director of Compliance of the Nauru Economic and Climate Resilience Citizenship Program Office, Isa Seow, pointed out that as the world's smallest independent republic and third-smallest country, "Nauru is a testament to resilience and innovation, pioneering a unique approach to citizenship that combines economic growth with environmental stewardship.”
Seow explained that the program offers a streamlined path to citizenship, with processing times of just three to four months. Investors can secure Nauruan citizenship through a contribution to the national Treasury Fund, starting at USD 105,000 for a single applicant. This investment unlocks benefits for international investors including visa-free access to 89 destinations, unrestricted dual citizenship, and the ability to extend citizenship to family members.
He underscored the program's commitment to integrity: "We've implemented rigorous due diligence processes and robust governance structures to ensure that only individuals of the highest caliber participate in shaping Nauru's future. This program isn't just about acquiring another passport; it's about joining a community dedicated to pioneering solutions for global challenges.”
Sovereign equity instead of sovereign debt
Nauru's government has mandated leading international investment migration advisory firm Henley & Partners to design, set up, and run the Nauru Economic and Climate Resilience Citizenship Program. The firm's Government Advisory practice has assisted the governments of over 20 jurisdictions and countries across Africa, Asia, the Caribbean, Europe, the Middle East, North America, and Oceania in designing, setting up, operating, and promoting investment-related residence and citizenship programs and has raised more than USD 15 billion in foreign direct investment.
His Excellency David Adeang, President of the Republic of Nauru, says, "Investment migration has emerged as a powerful mechanism for mitigating sustainability risks and enhancing climate resilience. Nauru's program sets a new standard in this realm, channeling investments directly into projects that safeguard the nation's future and contribute to global environmental preservation. Nauru's innovative approach offers a tangible example of how nations can leverage private investment to address pressing environmental challenges.”
Dr. Juerg Steffen, CEO of Henley & Partners, says, "What sets residence and citizenship by investment programs apart from debt-driven financing approaches is that they enhance the sovereign equity of the nations that host them. They do not require compromising or sacrificing one strategic objective to achieve another. Investment migration is a true win-win, long-term, sustainable solution for all stakeholders, whether they are investors or nation states and their citizens. More and more governments are seeing the benefits of residence and citizenship programs as a mechanism to mitigate sustainability risks by financing development initiatives.”
Notes to Editors:
About the Nauru Economic and Climate Resilience Citizenship Program
The Nauru Economic and Climate Resilience Citizenship Program offers a straightforward pathway to citizenship through a direct contribution to the Treasury Fund of Nauru.
Main applicant requirements:
- A minimum age of 18 years
- A clean personal background
- Proof of the source of funds
- USD 105,000 for a single applicant
- USD 110,000 for a family of two-four members
- USD 115,000 for a family of five or more members
- USD 15,000 for each additional sibling of the main applicant or their spouse
- USD 25,000 for a single applicant
- USD 27,500 for a family of two-four members
- USD 30,000 for a family of five or more members
- USD 10,000 for the main applicant
- USD 7,500 per additional family member aged 16 or older (spouse, sibling, child, or qualifying adult dependent)
- USD 500 per passport, to be paid to the Nauru Government
Media Contact
For further information, please contact:
Lyall Mercer
Nauru Economic and Climate Resilience Citizenship Program Office
Email: [email protected]
Mobile: +61 413 749 830
